Please wait while we load the requested 10-K report or click the link below:
Washington Federal, Inc.
425 Pike Street
Seattle, WA 98101
Contact: Cathy Cooper
Friday, October 17, 2008
FOR IMMEDIATE RELEASE
Washington Federal Announces 4th Quarter Results
SEATTLE Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal Savings, today affirmed its previously announced net loss of $39,337,000 or $.45 per diluted share for the quarter ended September 30, 2008, compared to net income of $33,885,000 or $.39 per diluted share for the quarter ended September 30, 2007. For the year ended September 30, 2008 earnings were $62,332,000 or $.71 per diluted share, compared to $135,017,000 or $1.54 per diluted share for the year ended September 30, 2007, a 54% decrease in earnings.
The primary cause of the net loss for the quarter and the significant decrease in earnings for the year was an other than temporary impairment charge of $87.7 million pre tax on the Companys investment in Freddie Mac and Fannie Mae Preferred Stock. The value of these securities declined significantly after the U.S. Government placed both companies into conservatorship in September 2008. The securities have a new cost basis of approximately $2.5 million. Additionally, in response to increasing non-performing assets and a deteriorating housing market, the Company recorded a provision for loan losses of $60.5 million for the fiscal year, compared to $1.6 million for fiscal 2007.
The fiscal year produced a return on assets of .55%, while return on equity amounted to 4.59%. Fiscal 2007 produced a return on assets of 1.40%, while return on equity amounted to 10.46%. Non-performing assets totaled $164.2 million or 1.39% of assets as of September 30,
The following information was filed by Washington Federal Inc (WAFD) on Monday, October 20, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Washington Federal Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Washington Federal Inc.